Portuguese oil company Galp Energia cut its spending target for the next five years by around 20 percent and trimmed its output growth forecast, but slightly increased its earnings growth forecast after delivering a better-than-expected 2016 result.

Galp, which is still largely a refiner, has stakes in various large oil fields off Brazil’s coast and has been pumping up its oil and gas production. It said it expects working interest production to grow at a rate of 15-20 percent a year until 2021, down form 25-30 percent under its previous plan until 2020.

But earnings before interest, taxes, depreciation and amortization (EBITDA) should grow at a rate of around 20 percent a year until 2021, up from the previous forecast of 15 percent.

In a capital markets day presentation on Tuesday, Galp estimated annual average capital expenditure until 2021 at between 0.8 billion and 1 billion euros.